E-Procurement

E-Procurement

The term e-procurement, although often described as merely the purchase of products and services electronically over the internet, is actually a far more in-depth and comprehensive approach to the entire procurement process.

It’s an innovative, technology-based system that utilizes a suite of electronic tools and products to expand the scope, efficiency, and accuracy of information at each step of the procurement process from e-catalogues to RFI’s, through to the final vendor agreement and ongoing cost control and monitoring.

The process is based on a comprehensive database developed and maintained by the e-procurement service provider containing detailed information on over 300,000 local and global vendors, as well as a library of specifications on products and services.

It provides the buyer with a considerable advantage in terms of classification of supplier product lines and capabilities, quality and performance history, safety record, environmental initiatives, and much more.

It captures data such as inventory utilization and reorder sequences, historical cost savings and supplier transactions. It provides the tools to easily manage and organize communication, questions and answers, bids, current and previous pricing information.